banks

Banker sleeps on keyboard, mistakenly transfers $293M

They work them hard in German banks.

They make the eat, breathe, and sleep their jobs. Especially that last one.

At least that's the impression that must be gleaned from the tale of a German bank employee who fell asleep on his computer keyboard.

Oh, we've all done it. We've all woken up hours later to read that we just wrote: "CHHCHCHCHCHCCHCHCHCHCCCO."

And yet this bank employee seems to have fallen asleep during a transfer of funds.

As Agence France-Presse tells it, a court in Hessen heard that he was supposed to send 62.40 … Read more

Softbank ups Sprint offer to $21.6B

As the battle between SoftBank and Dish in the takeover of Sprint increasingly heats up, SoftBank has announced that it will raise its offer to from $20.1 billion to $21.6 billion.

SoftBank said Monday that the amended merger agreement will give shareholders a greater value, including greater cash consideration and increased certainty.

Under the new agreement SoftBank said it will deliver an additional $4.5 billion of cash to Sprint stockholders at closing, which brings the total cash consideration available to Sprint stockholders to $16.64 billion. This offer would also give SoftBank a higher stake in Sprint … Read more

Justice Department: FCC can proceed with review of Sprint-SoftBank deal

The Department of Justice has given the Federal Communications Commission the go-ahead to issue a decision on Softbank's proposed buyout of Sprint.

In a letter to the FCC on Friday (PDF), the department said the Justice Department -- including the FBI -- along with the Department of Homeland Security had no problem with the deal proceeding.

"The agencies have reviewed the information provided by the applicants and analyzed the measures undertaken by the applicants to address potential national security, law enforcement, and public safety issues, including supply chain issues," the letter said. "Based on this review, … Read more

With rising revenues, Lending Club CEO plans expansion (Q&A)

For Renaud Laplanche, founder and chief executive of Lending Club, things are looking up -- or more accurately, up and to the right.

That's the desirable direction that the startup's finances are heading at present. Lending Club connects investors who have money to lend with borrowers who need it, making money on fees as it goes. Of late, the value of the loans it's arranged has been increasing at 9 percent each month. In May, the San Francisco-based company funded $148 million in loans, and Laplanche expects 2013 will total $2 billion.

Laplanche, a 42-year-old born in … Read more

Apple WWDC predictions: Deutsche Bank chimes in

The overhaul of iOS will be the marquee attraction at Apple's upcoming WWDC, according to Deutsche Bank.

In a note to investors Monday, Deutsche Bank Equity Research's Chris Whitmore said the focus will be on iOS 7 and Mac OS upgrades.

The note has a lot to say about the expected iOS 7 announcement.

We believe iOS is due for a material upgrade in order to freshen and reinvigorate the 'cool' factor around Apple's products. The general look and feel of iOS is 6 years old and is in need of an update and some spark. It … Read more

Top proxy firm ISS likes SoftBank's offer for Sprint

A top adviser to mutual funds and other large investors says Sprint shareholders should give the thumbs-up to SoftBank's offer to buy the company, but it doesn't address a rival, preliminary -- and higher -- offer from Dish Network.

In a report, proxy firm Institutional Shareholder Services said, according to The Wall Street Journal, that SoftBank's $20.1 billion offer "addresses Sprint's most compelling need: capital to acquire additional spectrum and complete the transformation of its network, enabling it to fully compete in the U.S. market."

The compelling need for capital aside, ISS … Read more

Sprint-SoftBank deal clears U.S. national security review

SoftBank's $20 billion merger with Sprint is just fine for a U.S. committee that monitors national security issues between companies.

Sprint announced Wednesday that the Committee on Foreign Investment in the U.S. (CFIUS) has cleared its proposed merger with Japan's SoftBank, saying that there are no national security issues that would make it unacceptable to the government. The companies have also signed a National Security Agreement with the U.S. government ensuring that they won't bring any issues to the floor after their merger.

Sprint's announcement today comes just a day after a report … Read more

Sprint, SoftBank reportedly reach security deal with U.S.

SoftBank and Sprint Nextel have reportedly agreed to give the U.S. government veto powers and other oversight to alleviate national security concerns related to their planned $20 billion merger.

As part of the agreement, expected to be finalized in the coming days, the merged company would feature a four-member national-security committee, as well as a security director who would sit on the wireless carrier's board, people familiar with the matter told The Wall Street Journal. The U.S. government would gain veto powers over any equipment purchases made by Sprint, and Sprint has agreed to remove Chinese-made equipment … Read more

SoftBank gives U.S. right to OK Sprint board member -- report

In a further attempt to ease national security concerns over its proposed acquisition of Sprint, Japan-based SoftBank has agreed to give the U.S. government the right to approve one of the members SoftBank would appoint to Sprint's board of directors, according to a report.

The U.S.-approved board member would make sure a SoftBank-owned Sprint honored whatever security agreement is hammered out with U.S. regulators, The Wall Street Journal reported late Wednesday, citing unnamed sources.

Regulators are also seeking oversight of Sprint's network equipment purchases to prevent gear from Chinese suppliers Huawei Technologies and ZTE … Read more